Simplii Financial™ Cash Back Visa* Card Review

The no-fee Simplii Financial Cash Back Visa Card will keep you well fed with its high cashback earn rate on eligible dining purchases.

As for other everyday expenses, the card’s pretty standard, but with a first year bonus and boast-worthy rewards in high-earn categories, all at no additional cost, you can’t really go wrong.

How You Earn Rewards with the Simplii Financial Cash Back Visa Card

With the Simplii Financial Cash Back Visa Card, you can expect the following rewards:

• 4% cashback on eligible restaurant, bar, and coffee shop purchases (up to $5,000 spent annually)
• 1.5% cashback on gas, groceries, drugstore, and pre-authorized payments (up to $15,000 spent per year)
• 0.5% cashback on all other purchases

This no-fee card might give an average cashback on things like gas, groceries, and other purchases compared to other cards. But it offers one of the best cashback rate on restaurant purchases in Canada.

Interest Rates for the Simplii Financial Cash Back Visa Card

While you should always strive to pay your bills on time, it's also worth knowing what the interest rates are for this credit card:

• APR (Annual Purchase Rate): 20.99%
• Cash Advance Rate: 22.99%
• Balance Transfer Rate: 22.99%

“Purchase” means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. “Cash” means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.

Redeeming Your Rewards with the Simplii Financial Cash Back Visa Card

You’ll receive your rewards from the Simplii Financial Cash Back Visa Card once a year. Your earnings will be applied to your January credit statement.

5 Benefits of the Simplii Financial Cash Back Visa Card

Before we go any further, let’s review the Simplii Financial Cash Back Visa Card’s benefits:

Restaurant Purchase Earn Rate

If you like to dine out, you’ll want to get your hands on this card. The Simplii Financial Cash Back Visa Card has the highest cashback rate on restaurant purchases in Canada. That’s right, with this card, the more you eat, the more you earn (until you meet this category's annual cap of course).

No Annual Fee

The fact that this card has some great rewards and no annual fee is definitely a strong selling point – one that doesn’t come with a price tag.

Low Income Requirements

Sometimes, when a no-fee card is equipped with high rewards, it also asks for a high income. With the Simplii Financial Cash Back Visa Card, this simply isn’t the case. The Visa card only requires a low individual or household income of $15,000 for a successful application. Keep in mind though that it's also recommended that you have a “very good” credit score but not guaranteed to be required.

Cashback Welcome Bonus

It’s always nice to receive a bonus, especially for a card with no up-front fees. To complement its high-earn reward categories, the Simplii Financial Cash Back Visa Card comes with a 10% cash back welcome bonus up to $1,000 in spending on all eligible purchases. That's essentially $100 in value but note that this offer is only available to new cardholders who apply and are approved for the Simplii Financial Cash Back Visa Card beginning November 15, 2024.

Free Global Money Transfers

Say you need to send someone some money, but they’re halfway across the world. With the Simplii Financial Cash Back Visa Card, you can make global money transfers for no additional fees or deductions, plus you can expect solid foreign exchange rates. The best part? You can actually earn money for sending these funds with the card’s current cashback promotional offer on your first global transfer.

4 Downsides of the Simplii Financial Cash Back Visa Card 

Of course, every card will also have their drawbacks. Here are some downsides of the Simplii Financial Cash Back Visa Card:

Lack of Insurance and Benefits

As for insurance and benefits, the Simplii Financial Cash Back Visa Card only offers purchase protection and extended warranty coverage. Although you can’t expect too much in terms of perks when it comes to no-fee credit cards, there are some other contenders that could satisfy these categories a bit more than the Simplii Financial Cash Back Visa Card (we’ll cover these options later on). 

Low Base Earn Rate

While the high-earning categories are enticing, the base cashback earn rate for this card is less appealing, and it’s considered lower by comparison to other credit cards on the market. However, you could always remedy the situation by supplementing the Simplii Financial Cash Back Visa Card with another no-fee card that satisfies its uncovered or less-covered categories.

Capped Rewards

Always keep your eye on those annual caps on the Simplii Financial Cash Back Visa Card's high-earning categories. Average spenders should find that the caps will last them a while, but once you run out, bear in mind that the corresponding category will then be subject to the low base rate.

Once-a-Year Redemptions

When you’re earning high rewards (specifically on dining purchases in this case) it can make you eager to redeem this new revenue. That said, the Simplii Financial Cash Back Visa Card only allows you to collect your rewards for redemption once a year, which might be frustrating for some spenders.

Comparison to Other No-Fee Cashback Dining Credit Cards

To help you decide whether the Simplii Financial Cash Back Visa Card is the best no-fee cashback dining credit card for you, we’ve compared it against other no-cost cashback cards that will also earn you high rewards in similar categories. You might even find that some of these competitors compensate for certain categories where the Simplii Financial Cash Back Visa Card falls short.

Here’s the comparison at a glance:

CIBC Costco Mastercard

With the CIBC Costco Mastercard, you can earn slightly less cashback on restaurant purchases as you do with the Simplii Financial Cash Back Visa Card – without a rewards cap. You’ll also get slightly more cashback on gas (a category that is capped annually) and a higher overall base rate on other purchases. Since this card is affiliated with Costco, you’ll also see an annually capped cashback category on Costco.ca purchases.

As for coverage, the CIBC Costco Mastercard comes with the same purchase protection and extended warranty insurance as the Simplii Financial Cash Back Visa Card, plus mobile device insurance – so you get a little bit more for your no-fee membership. 

The income requirement is the same as the Simplii Financial Cash Back Visa Card, but it's recommended you have a “good” credit score instead of a “very good” credit score.

Ultimately, the CIBC Costco Mastercard is best for cardholders who like to dine out and who have a Costco membership, otherwise, it’s probably best to stick with the Simplii Financial Cash Back Visa Card.

Rogers Red World Elite Mastercard

Although this card doesn’t have a specific high-earning category for restaurant purchases, if you regularly dine out, it will grant you decent cashback on all regular purchases as long as you have at least one qualifying Rogers, Fido or Shaw service account. In fact, this purchase category (which could include dining) can be boosted to a higher cashback rate if you are an eligible account holder who takes advantage of the redemption bonus that must ultimately be used towards a qualifying Rogers, Fido or Shaw purchase.

Another great part about this no-fee card is its added coverage and benefits, which of course come at no cost. Tap into sought-after protections like trip interruption and trip cancellation insurance (both rare additions to a no-fee card), and emergency medical coverage for cardholders over 65. Plus, enjoy the airport lounge Dragon Pass and no cost roaming.

All things considered, you will need a higher annual personal and household income to qualify, not to mention a “very good” credit score is recommended.

So, if you’re a foodie who also likes to travel, and you’re a Rogers, Fido or Shaw customer, this could be the no-fee cashback dining card for you.

Tangerine World Mastercard

Sometimes, the best credit cards are the kind that offer a bit of customization. With the Tangerine World Mastercard, you can earn solid cashback rates on your choice of two categories offered by Tangerine, you can even select a third if you have a Tangerine savings account. Diners will specifically love the high-earning potential on restaurant, fast food, and food and dining purchases.

Like the Simplii Financial Cash Back Visa Card, the base cashback rate on all other purchases is low, so when you pick your categories, make sure you choose wisely.

To apply, you’ll also need a higher income (like the Rogers Red World Elite Mastercard), but these requirements account for extra perks like mobile device insurance, car rental damage and theft coverage, plus the Dragon Pass and Boingo Wi-Fi hotspot.

Therefore, the Tangerine World Mastercard is best for those who want some added coverage, a couple of travel perks, and the flexibility to choose their high-earning categories.

How to apply for the Simplii Financial Cash Back Visa Card

After careful consideration, if you’re still intrigued by the Simplii Financial Cash Back Visa Card, here’s a step-by-step guide to the application process:

1. Click the Apply Now button to be redirected to Simplii Financial’s official website.
2. From the website’s drop-down menu, select “Credit Card” then “Cash Back Visa.”
3. You’ll then be redirected to the Simply Financial Cash Back Visa page where you can review the card’s details directly from the source.
4. Once you’ve done a thorough review, hit the green “Apply now” button, this will take you through the application process.
5. You’ll first need to accept an overview of the card's rates and fees.
6. Afterwards, you’ll be asked to fill in your personal and financial information (name, birthdate, income).
7. Finally, you’ll need to agree to the card’s terms before submitting the application.

Final Verdict

The Simplii Financial Cash Back Visa Card is a great no-cost contender for cardholders who like to dine out, especially considering it has the highest cashback rate on restaurant purchases in Canada. Members will also receive decent cashback on popular categories like groceries and gas, a welcome bonus, and no fee global transfers. Even if the Simplii Financial Cash Back Visa Card doesn't cover all the purchases in your top spending categories, since it has no fee, it might still be worth it to apply for it anyway to complement the cashback rates on your other credit cards.

Overall, if you don’t need extensive coverage or benefits, and want a card that's compatible with date nights, bar hopping, or coffee runs, then the Simplii Financial Cash Back Visa Card is your best option.

Frequently Asked Questions

How does a cashback Visa credit card work?

With a cashback Visa credit card, you can earn a percentage of your purchase back when you tap, swipe or insert your card for purchases in reward-earning categories. For example, if you have a Visa cashback credit card that comes with cashback rates on dining out, you can earn money back whenever you go out to eat at an eligible restaurant. 

Do you need to have a Simplii Financial bank account to get the Simplii Financial Cash Back Visa Card?

You no longer need to have a Simplii Financial bank account to apply for the Simplii Financial Cash Back Visa Card. As long as you meet the card’s specified criteria, including income, residential, and age requirements, you can submit an application.

What type of credit score is recommended for the Simplii Financial Cash Back Visa Card?

As a guideline, it’s recommended that you have a “very good” credit score for a successful Simplii Financial Cash Back Visa Card application. A “very good” credit score is a score of about 725.